APG, CBC JV Pens Development Site Acquisition in Shanghai

By Mario Marroquin

A joint venture by health care investment management firm CBC Group of Singapore and pension provider APG of the Netherlands signed the acquisition of a 13.8-acre site in Shanghai. The joint venture inked the acquisition of the site, located in the Shanghai Industrial Park in Qingpu through its CBC Healthcare Infrastructure Platform. The site, when completed, will consist of manufacturing, and research and development facilities.

CBC HIP plans to erect eight manufacturing facilities, two R&D offices and ancillary facilities. According to Mingtiandi, the life science park will span approximately 1.2 million square feet of leasable space.

The publication also said the site acquisition marks the third investment made by the platform in four months.

“We are delighted to have taken 100% ownership of this 83.76 mu site, which follows previous investments in Beijing – at the Zhongguancun Life Science Park and the China Bio-medicine Park,” Hans Kang, CEO of CBC HIP, said in a statement. “The life science zone of the Qingpu Industrial Park is strategically located at the center of the Yangtze River Delta Economic Zone, and our development will provide cutting-edge facilities to accelerate world-class scientific research and support the growth of the life science market in China."

CBC said the site acquisition will seek to exploit Qingpu’s emergence as a life science hub for innovative medicine, clinical nutrition, aesthetic diagnostics, and high-end domestic medicine. The joint-venture has acquired over 4.4 million square feet of life science space in Beijing and Shanghai since its launch in 2021.

APG and CBC are also joint-venture partners in CBC China Life Sciences Infrastructure Venture, which invests in life science research and manufacturing facilities in China. At the time it launched in November 2021, APG and CBC said the life science infrastructure venture held enough land in Shanghai to develop up to 10.8 million square feet of life science space. 

News of the joint-venture acquisition comes days after APG and CapitaLand Investment penned an initial equity investment of S$570 million (US$404.5 million) in Extra Space Asia, which owns 70 self-storage facilities in Hong Kong, Kuala Lumpur, Seoul, Singapore, Taipei and Tokyo. 

Photo credit: Manuel Joseph/ Pexels

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